The division of labor can benefit society only if
A. a system of exchange exists.
B. society uses all of its resources efficiently.
C. society has no specialized resources.
D. labor resources are not scarce.
Answer: A
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Which of the following could cause nominal GDP to increase, but real GDP to decrease?
A) The price level falls and the quantity of final goods and services produced falls. B) The price level falls and the quantity of final goods and services produced rises. C) The price level rises and the quantity of final goods and services produced falls. D) The price level rises and the quantity of final goods and services produced rises.
Which of the following is a part of your economics professor's human capital?
a. the things she learned at some prestigious university b. her copy of Mankiw's text c. her chalk holder d. All of the above are correct.
If aggregate demand increases and aggregate supply decreases, the price level ________.
A. will decrease, but real output may increase, decrease, or remain unchanged B. will increase, but real output may increase, decrease, or remain unchanged C. and real output will both decrease D. and real output will both increase
If the bus fare of a city increases from $1.00 to $1.10 per ride and as a result total revenue increases, then we know that
A. percentage change in fare is greater than percentage change in number of rides. B. percentage change in fare is equal to the percentage change in number of rides. C. percentage change in fare is less than percentage change in number of rides. D. it is impossible to tell.